IB beginner / regarding check deposit.

[jk90029]

Dear-

As a IB beginner, I wrote a personal check (BAC), for funding to my Uxxx account in IBKR.

Although the amount in check is already out in my BAC checking account, IB wrote me that

"A 10000000K(?) Check deposit for IB account UXXXX was received on 2015-01-26 and will be credited to your account on 2015-02-05"

Is it OK that they hold 10 business days? Any similar experience is welcomed.
Who took the interest for the 10 days?

-Jay

 

[loyek590]

they also hold if you deposit ach

 

[rmorse]

Dear-

As a IB beginner, I wrote a personal check (BAC), for funding to my Uxxx account in IBKR.

Although the amount in check is already out in my BAC checking account, IB wrote me that

"A 10000000K(?) Check deposit for IB account UXXXX was received on 2015-01-26 and will be credited to your account on 2015-02-05"

Is it OK that they hold 10 business days? Any similar experience is welcomed.
Who took the interest for the 10 days?

-Jay

Never mail a check to a broker. Always ACH or wire funds so you can track it.

Bob

 

[jk90029]

Yes, as I told you, I am really a beginner.

First time to send a check IN MY LIFE to security. Probably I did NOT know what everyone knows. Is it for the delivery accident or possible money laundering?
Possibly, federal law may require holding for 10 days.

Or just for interest profit for the specific broker?

[rmorse] Furthermore, how long does it take to be cashed, for each ACH and wire?

 

[rmorse]

Wire (US bank to US broker) should get booked same day, if you do it early. ACH is typically next day, at most 2. Checks have to be recorded, then deposited, then they have to wait for them to clear. 7 to 10 days sounds normal. I'm surprised that IB would accept a check.

 

[jk90029]

Q

Wire (US bank to US broker) should get booked same day, if you do it early. ACH is typically next day, at most 2. Checks have to be recorded, then deposited, then they have to wait for them to clear. 7 to 10 days sounds normal. I'm surprised that IB would accept a check.

Appreciated for helpful comments.

For check deposit, we have to report arrival of check in advance (with check number) to IB, before mailing the paper check. Please note that.

 

[jk90029]

Furthermore, I was told that ACH is free and wire cost about $50, is it true?

If so, compare the $50 and interest for more than 10 days.
Most time, the latter is cheaper than the former.

 

[traderob]

Wire transfer is free for Interactivebrokers( and Tradestation) . But your bank will have fees for doing the transfer.

 

[jk90029]

Wire transfer is free for Interactivebrokers( and Tradestation) . But your bank will have fees for doing the transfer.

BAC is my checking bank. Anyone have experience to send cash from BAC to IBKR?

 

[rmorse]

Furthermore, I was told that ACH is free and wire cost about $50, is it true?

If so, compare the $50 and interest for more than 10 days.
Most time, the latter is cheaper than the former.

The wire fee normally comes from the sending bank, not the receiving broker.Use ACH when you can, to avoid fees and wires for margin calls.